Spring is officially here. The weather is steadily getting warmer, the parks and rec softball season is underway and all of our neighbors have their sprinkler systems turned on. So it stands to reason that the Spring real estate sales season should be in full swing. Right? Well, if we are just going by the date and the fact that flowers are blooming then yes, the sales season has begun. However, it seems that sellers didn’t get the memo.
Inventory of homes for sale in Deschutes County is still much lower than a year ago. There were only 1746 homes for sale this April compared 2046 in April 2011. Take a look at the chart below to see how the number of homes for sale has fallen over the last four years while the number of homes sold has stayed pretty steady.
This trend of falling inventory and rising sales is great for home owners wanting to sell. It’s all about the law of supply and demand and right now there is a pretty healthy demand for homes in Bend. The two indicators of how long it takes to sell a home, average days on market and months of inventory, are at their lowest points since October 2006. As of the end of April, there is currently 4.9 months months of inventory available at our current rate of sales and on average it takes 136 days to sell a home.
Some people might see those numbers and think, “Four months to sell my home? I don’t want to wait that long.” I wouldn’t blame anyone for feeling that way but it doesn’t have to take that long. The first thing to do is have your home ready to sell before it hits MLS. You want it to be attractive to potential buyers not a turnoff. The second thing to do is to price it right. Price is everything.
Buyers and their agents will know if your home is priced appropriately and if it is priced too high most of them won’t even bother to come look at it. It is pretty tough to sell a home if no one is looking at it and those who do look think it is over priced. Here is a good example of pricing a home properly. 1524 Davenport, Bend, OR This house was listed on a Friday afternoon and by Monday we had five offers over asking price.
That won’t happen for every house, even if it is priced right because not every house has the same size pool of potential buyers. The goal should be to maximize your exposure to buyers who will be interested in buying your home and price is where it all begins. If you have been thinking about selling your home give us a call. We can help you determine what the current value of your home is with a comparative market analysis using up to the minute sales data from your neighborhood.
You can read more monthly sales reports: Bend Home Prices.
Real Estate Sales information courtesy of Central Oregon MLS